Modi seeks G20 deadline to lower cost of remittances

Antalya: Prime Minister Narendra Modi on Sunday sought a definite timeline before 2030 for reduction in cost of transferring money, a move that will help India as it is the world’s largest recipient of remittances.

The meeting of leaders from 20 top economies, which was to discuss inclusive economic growth and climate change, will adopt a resolution at the end of the two-day meeting on Monday, calling for better coordination and exchange of information to cut off funding and a more comprehensive approach on “addressing the conditions conducive to terrorism”. He said the G20 efforts must be aligned with the UN Sustainable Development Goals, adopted this year, particularly with the number one goal of elimination of all poverty by 2030.

In his intervention, Modi said there is global consensus on the need to address climate change.

G20, Modi said, was still short on efforts to fulfil last year’s commitment to raise collective GDP by an additional 2 per cent by 2018.

“Remittances are a key source of income for households and support for the economy in developing countries. And, this has come at a time of huge global challenges”, he said, adding that “together, we can also give shape to G20”.

“At G20, we can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy. In doing so, we will also stimulate faster and a more broad-based economic growth”, the Prime Minister said.

Strongly condemning Friday’s terror attacks in Paris, Modi, at a meeting of the BRICS leaders on the sideline of the G20 Summit here, made a case for united global effort to combat the menace of terrorism.

Majola said the Brics leaders also expressed support for France in tracking down those responsible for the attacks. “We are honoured to assume the Chairmanship of BRICS from February 1, 2016 and build on the great work done by other Members”, he said.

The prime minister said that BRICS has proved its relevance and value through its actions, when earlier its logic was being questioned.

“India attaches the highest importance to BRICS”.

“With the completion of procedures, including administrative arrangements, the #IndiaAustralia Civil Nuclear Agreement will enter into force”, Swarup stated.